友升股份即将上会，聚焦汽车结构零部件产品，应收账款较高

Core Viewpoint - The automotive industry is a crucial pillar of the national economy, with Shanghai Yousheng Aluminum Co., Ltd. (Yousheng Co.) planning to go public on the Shanghai Stock Exchange, focusing on lightweight automotive components to enhance the performance of electric vehicles and reduce emissions from fuel vehicles [1][3]. Group 1: Company Overview - Yousheng Co. is based in Qingpu District, Shanghai, and has a history dating back to 1992, transitioning to a joint-stock company in 2020 [3]. - The actual controllers of Yousheng Co. are Luo Shibing and his spouse Jin Liyan, who collectively hold 70.44% of the voting rights prior to the IPO [3]. - The company aims to raise approximately 2.47 billion yuan for projects including a lightweight aluminum alloy component production base and working capital [4][5]. Group 2: Product and Market Focus - Yousheng Co. specializes in automotive structural components, including threshold beams, battery trays, bumpers, and subframes, primarily serving the electric vehicle market [6][9]. - The company’s main products contribute significantly to its revenue, with threshold beams and battery trays accounting for 40% and over 20% of revenue, respectively, in recent years [9][11]. Group 3: Financial Performance - Yousheng Co. has shown a growth trend in revenue over the past two years, with figures of approximately 2.35 billion yuan, 2.90 billion yuan, and 3.95 billion yuan for 2022, 2023, and 2024, respectively [13]. - The gross profit margins have fluctuated, with rates of 20.55%, 21.04%, and 20.58% during the same period [13]. - The net profits for the same years were approximately 233 million yuan, 321 million yuan, and 405 million yuan [13]. Group 4: Industry Context - The automotive parts industry is characterized by a high degree of specialization and a clear division of labor, with Yousheng Co. positioned in the midstream of the supply chain [19]. - The company competes with other manufacturers in the lightweight automotive components sector and relies on major clients such as Tesla and NIO [23]. - The demand for electric vehicles in China is growing, with sales projected to reach 12.87 million units in 2024, reflecting a year-on-year increase of 35.5% [14].